This year, inflation has affected both businesses and consumers. But, it is not only affecting your grocery bills, it is affecting advertising as well.
One of the main ways that inflation has impacted advertising is digital advertising. The cost of digital advertising has inflated by 5.4% this year. With this increase in cost, it is harder for businesses to get their brand name in front of the consumer.
It may be hard for your business to navigate the cost of inflated advertisements, but that does not mean that you should stop advertising. Advertising is essential for your company to thrive, despite inflation. Here is a list of things your company should consider when advertising during inflation:
Target your audience
Consumers are also fighting inflation, so it is important that your brand is put in front of an audience that finds your company essential to their needs.
Monitor Consumers
During this time, it can be easy to blame inflation for a lack of sales, but it is important to stay up to date on what your consumers want. Research the current trends, and what your target audience is doing during this time.
Don’t Copy Competitors
Don’t do something because that is what your competitor is doing. Just because other companies are doing it, does not make it a good move. Keep your company unique and give the consumer a reason to pick your brand.